BlackRock Adds $4.1M of its IBIT Spot Bitcoin ETF to Income and Bond Funds

According to May 28 filings with the Securities and Exchange Commission, two funds managed by asset management giant BlackRock have acquired shares in the firm’s spot Bitcoin exchange-traded fund (ETF) during the first quarter of 2024.

BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired nearly $3.6 million worth of iShares Bitcoin Trust (IBIT). Meanwhile, BlackRock Strategic Global Bond Fund (MAWIX) bought $486,000 in IBIT shares. The IBIT shares represent a small portion of the investment portfolios of BSIIX and MAWIX, valued at $37.4 billion and $776.4 million, respectively.

Hundreds of Other Investors

BlackRock’s various investments in IBIT align it with numerous third-party entities that also acquired shares of the spot Bitcoin ETF during the first quarter. According to Fintel data on May 28, about 422 firms have revealed their holdings in IBIT. 

Bloomberg ETF analyst Eric Balchunas recently remarked on the numerous investors in spot Bitcoin ETFs, stating that “even having 20 holders” is significant for newly launched ETFs.

$IBIT ended up with 414 reported holders in its first 13F season, which is mind boggling, blows away record. Even having 20 holders as a newborn is bfd, highly rare. Here’s a look at how the btc ETFs compare to other ETFs launched in Jan (aka the Class of 2024) in this metric. pic.twitter.com/ngicEdbaTq

— Eric Balchunas (@EricBalchunas) May 16, 2024

Schonfeld Strategic Advisors and Millennium Management hold the largest positions in IBIT, with holdings totaling $248.0 million and $844.2 million, respectively. Several globally systemically important banks (G-SIBs), including Bank of America, BNY Mellon, BNP Paribas, JP Morgan Chase, UBS, and Royal Bank of Canada, have also invested in IBIT.

BlackRock’s IBIT Is Now the World’s Largest BTC Fund

Since its listing in the US at the start of the year, IBIT has become the world’s largest fund for the original cryptocurrency, gathering nearly $20 billion in total assets. According to data compiled by Bloomberg, IBIT held $19.68 billion of the token on Tuesday, surpassing the $19.65 billion held by the Grayscale Bitcoin Trust (GBTC). 

Since its inception, the iShares Bitcoin Trust has garnered the largest influx, totaling $16.5 billion. In contrast, investors have pulled $17.7 billion from the Grayscale fund over the same period. Fidelity’s ETF offering lagged behind at $11.1 billion. Bitcoin is up 0.52% on the day, at a current price of $68,137, according to data from CoinMarketCap.

Bitcoin ETFs See 11th Consecutive Day of Inflows, BlackRock Surpasses Grayscale

On May 28, Bitcoin ETFs experienced total net inflows of 632 BTC, equivalent to $45 million, marking the eleventh consecutive day of inflows. BlackRock led the way with an addition of 1,505 BTC ($102.05 million), surpassing Grayscale to become the largest Bitcoin ETF. Fidelity also saw growth, adding 505 BTC ($34.3 million). In contrast, Grayscale faced a net outflow of 1,550 BTC ($105.02 million).

Bitcoin ETF Flow (US$ million) – 2024-05-28

TOTAL NET FLOW: 45
(Provisional data)

IBIT: 102.5
FBTC: 34.3
BITB: 3.3
ARKB: 4.1
BTCO: 3.4
EZBC: 0
BRRR: 1.2
HODL: 0
BTCW: 1.4
GBTC: -105.2
DEFI: 0

For all the data & disclaimers visit:https://t.co/4ISlrCgZdk

— Farside Investors (@FarsideUK) May 29, 2024

Bitcoin Exchange-Traded Products Now Hold Over 1M BTC

Bitcoin ETFs have surpassed 1 million in Bitcoin holdings globally. Since mid-January, the 11 ETFs have accumulated 855,619 Bitcoin. This represents an average daily acquisition of 6,200 BTC. According to data shared by HODL15Capital, an additional 21 BTC exchange-traded products — offered in Germany, Brazil, Canada, and other countries — pushes the total number of BTC held to 1,002,343 BTC, worth an estimated $68 billion. This represents 5.08% of the current circulating supply of 19,704,484 coins.

32 #Bitcoin Spot ETFs now hold ~1 Nakamoto of $BTC pic.twitter.com/OpHridlymc

— Michael Saylor⚡️ (@saylor) May 27, 2024

Read More: Bitcoin Price Forecast: Analyst Predicts Surge Above $71K Amid Mt. Gox Concerns